House of Representatives
Taxation Laws (Clearing and Settlement Facility Support) Bill 2003
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)General outline and financial impact
Clearing and settlement facility support
This bill ensures that no taxation consequences arise under Commonwealth income tax and goods and services tax laws as a result of a payment out of the National Guarantee Fund under section 891A of the Corporations Act 2001.
Date of effect: This bill applies to payments made after the introduction into Parliament of this bill.
Proposal announced: Not previously announced.
Financial impact: Nil.
Compliance cost impact: Nil.